Why Credit Unions Look So Good
I feel compelled to respond to "Credit unions are oases in a desert of banks and thrifts" (Economic Trends, Oct. 12) about Veribanc Inc. reporting that the credit-union industry earns an average annualized return on assets of 1.25%, as compared with the commercial-banking industry return on assets of 0.94%.
Your readers should note that credit unions pay no federal income tax. If credit unions were subject to the same taxes that banks and other corporations are, I would dare say that the annualized return on assets produced by credit unions would be substantially less than what was reported. Do you suppose it's time they paid their fair share?
Six Rivers National Bank